IMF predicts decrease in unemployment rate in Pakistan
Business
The unemployment rate is expected to decrease from 8% to 7.5%
ISLAMABAD (Dunya News) - The International Monetary Fund (IMF) has forecasted a reduction in the unemployment rate in Pakistan.
The IMF released details following the agreement with Pakistan, predicting that economic growth could rise to 3.2% up from 2.4% in the previous fiscal year.
The unemployment rate is expected to decrease from 8% to 7.5%, while inflation could drop to 9.5%, down from 23.4% last year.
According to the IMF, tax revenue is projected to increase to 15.4% of the economy, compared to 12.6% last year. Additionally, public debt could rise from 67% to 69% of the economy.
The agreement emphasised the need for a fair tax system in Pakistan, highlighting the importance of including all sectors in the tax framework.
It also stressed the necessity for strict implementation of anti-money laundering measures, curbing losses in state-owned enterprises, and improving governance in public departments.
The IMF underscored that the reform process in Pakistan must continue rigorously, particularly in the energy sector.
The government was urged to implement reforms to reduce electricity costs and to adjust energy prices promptly while working to enhance tax revenue.
The report identified challenges such as environmental issues, corruption, and the need for reforms in Pakistan.
It called for measures to eliminate corruption in state institutions, reduce environmental damage, provide equal opportunities for business, and improve productivity across all sectors.
